Base Token Chaos: Coinbase Disowns Viral Memecoin After $15M Dump

Sean Williams
Coinbase

Getting your Trinity Audio player ready...

Coinbase is distancing its Base blockchain network from a memecoin that briefly soared to a $17.1 million market cap before crashing nearly 90% within 20 minutes.

The token, titled “Base is for everyone,” was created through a post on Zora—a platform where social content is tokenized—following a promotional image shared by Base on X (formerly Twitter) on April 16. Despite the post bearing Base’s slogan, Coinbase has denied any formal association with the token.

A Coinbase spokeswoman clarified to Cointelegraph, “Base did not launch a token. This is not an official Base token, and Base did not sell this token.” She emphasized that Base’s post was automatically tokenized by Zora and included a disclaimer warning users not to expect profits or ongoing development.

Despite the disclaimer, the token’s rapid rise and fall drew widespread criticism across the crypto community. At the time of writing, the token had partially rebounded to a market cap of approximately $7.7 million. Trading volume has exceeded $26 million, with Base reportedly earning over $61,000 in fees—earmarked for developer grants.

Still, many in the community remain unimpressed. One X user claimed Base had lost all credibility, while Pierre Rochard, formerly of Riot Platforms, described the episode as “terrible for the industry.” Abhishek Pawa, founder of AP Collective, accused Base of mismanaging an attempt to rebrand memecoins as “contentcoins.”

In defense, Base creator Jesse Pollack championed the move as a step toward a new digital economy where creators are compensated for content. “Someone has to normalize putting all of our content onchain,” he said, calling tokenized content “the end game.”

However, the token was reportedly “horrifically sniped,” with two wallets buying 21% of the supply for 2 ETH and selling it for a $300,000 profit, according to crypto startup g8keep.

Also Read: Cathie Wood’s Ark Invest Scoops Up $13.3M in Coinbase Shares as COIN Dips Below $150

A second token, “Base @ FarCon 2025,” launched shortly after, also flopped—plummeting 77% from its $987,570 peak.

As Coinbase continues to push the boundaries of onchain innovation, the fallout from this experiment highlights the fine line between experimentation and exploitation in the memecoin era.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Related Posts